Three facts to be aware of when selecting a specialist Quantity Surveyor when obtaining a depreciation schedule

Below are three facts to be aware of when selecting a specialist Quantity Surveyor:

Quantity Surveyors are recognised by the Australian Taxation Office

Quantity Surveyors are recognised under Tax Ruling (TR) 97/25 as one of a select group of professionals deemed qualified to provide construction cost estimates for depreciation purposes.

A Quantity Surveyor who specialises in depreciation will use their skills to produce a comprehensive tax depreciation schedule which outlines all the deductions a property owner is eligible to claim for both capital works (deductions for the building structure) and any plant and equipment assets they are eligible to claim. These deductions will vary depending on each investor’s individual circumstances and may depend on the type of property purchased, construction commencement date, any structural renovations which have taken place and when the investor exchanged contracts to purchase the property.

It is important to ensure your specialist Quantity Surveyor is a registered tax agent.
The Tax Agent Services Act (TASA) of 2009 provides the appropriate standards of professional and ethical conduct and regulations which tax agents, BAS agents, financial advisers and other professionals involved in providing advice relating to tax and financial service industries should abide by.

The Tax Practitioners Board has stipulated that Quantity Surveyors are required to be registered under TASA if they are completing tax depreciation schedules for a fee or reward.

Quantity Surveyors can also become members of a number of professional industry associations such as the Australian Institute of Quantity Surveyors (AIQS) and the Royal Institute of Chartered Surveyors (RICS).

Ask what is included within the depreciation schedule

No two depreciation schedules are equal. It’s important for property investors to select a specialist Quantity Surveyor who places the emphasis on the quality and accuracy of the depreciation schedule being provided.

The deductions provided within a schedule should adhere to guidelines set within depreciation legislation and therefore outline the maximum legitimate claims an investment property owner can make.

Ensure to choose a depreciation schedule from a Quantity Surveyor who includes a site inspection, as it is likely that deductions could be missed if a visit to the property is not included.

If you are thinking of purchasing an investment property, a Quantity Surveyor can certainly be of assistance.

Quantity Surveyors provide a range of tools and helpful information which can assist when crunching the numbers to make an investment decision.

BMT Tax Depreciation provide a tax depreciation calculator which can provide an estimate of what deductions are available for any property an investor is planning on purchasing. To access the calculator, click here.

Alternatively, you can contact one of our expert staff on 1300 728 726 for a free estimate of available deductions.

Subscribe to Newsletter (home)

Visit one of our office locations across Australia

Australia-wide - Call us today!

A Record of Success

Chan & Naylor is Australia’s leading property and business tax accounting, finance and wealth advisory group.

We’ve been awarded Financial Planning practice of the year for five consecutive years running since 2011. We were also ranked by Business Review Weekly (BRW) as the 39th in BRW’s Top 100 Accounting Firms 2013 – up from 47th position in 2012 – as well as Australia’s ‘Fastest Growing Accounting Firm in 2007, 2008 and 2013.